New buy to let lender Cambridge and Counties Bank’s first buy-to-let has hit the market.
The deal is the bank’s only residential mortgage – at 4.5% to 70% loan-to-value (LTV).
The other loans are both commercial finance – one to businesses in their own premises and the other to commercial property investors.
The bank was opened in June as a joint venture between Cambridgeshire Local Government Pension Fund and Trinity Hall, a Cambridge University college.
CEO Gary Wilkinson said: “There is a lot of competition in this sector, but by offering a competitive rate, coupled with our commitment to providing a quality service, we are confident our proposition will be well received.”
Clydesdale Bank has launched a buy-to-let offset mortgage at 5.35% variable rate.
The Offset Variable Investment Housing Loan is for borrowers looking for £100,000 to £500,000, and comes with a fixed arrangement fee of £1,999 and no early charge repayments.
LTV is 70% for interest only and 80% for repayment mortgages.
A Clydesdale spokesman said: “The mortgage allows customers to offset money they have in one of our savings or current account against the interest they pay on their mortgage. Their income will work harder by providing an opportunity for early repayment of the mortgage – saving money on interest payments.”
National Counties Building Society’s attest buy to let deal is a fixed 3.99% until April 30, 2015.
Maximum LTV depends on borrower experience – from 65% for new landlords to 70% for more experienced investors.
The mortgage has a fee of £795 and allows overpayments of up to 10% of the loan balance.
Accord Mortgages – the buy to let subsidiary of Yorkshire Building Society – is revamping their buy to let mortgage range with eight new deals.
New deals include:
- A two-year fix at 3.99%, with £195 fee and £500 cash back
- A two-year tracker at 3.49%, with a £195 booking fee, 1.75% completion fee, and £500 cash back
- A five-year fix at 4.69%, with £195 fee and £500 cash back
Sales manager Chris Maggs said: “We are constantly refining our services. These latest products, at 70% LTV and with low fees, demonstrate how we are responding to market demand and delivering competitive products.”
